Impact Pricing

This is an Impact Pricing Blog published on October 12, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-strategic-hot-dog/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the Jack of Spades from the Selling Value card deck. Buyers usually make a 'will I' decision, then decide 'which one'. They make the 'will I' decision, meaning, am I going to buy something in the product category? Am I going to buy a new car? Am I going to buy a new guitar? Am I going to buy a new refrigerator? Am I going to go out to dinner tonight? Am I going to hire a consultant? We make this 'will I' decision, and then after we've said, yes, I need a - you pick it - I need to hire a consultant, then we decide 'which one'. We interview several different consultants. We get bids from them. We see which ones we get along with. But then we're making that ‘which one’ decision. And it's very important for our sales people, our marketing people, even our product people, to understand the difference between these two questions because when buyers are making these two decisions, they're using different information and they care about different things. Oh, and from my perspective, the price sensitivity

Marina Dias has been in the pricing industry for almost ten years. Currently, she is the senior pricing expert and consultant at Competera, a company that helps retailers and brands to increase customer trust by setting and maintaining optimal prices in real-time. In this episode, Marina explains why constant communication with clients is essential in creating pricing strategies. She also enlightens us on the concept of price elasticity, and why understanding it is especially important in this time of inflation.   Why you have to check out today’s podcast: Learn the importance of having constant communication with your client about pricing strategies despite the widespread of AI and pricing software Understand the concept of price elasticity Find out how you could adjust your prices in this age of inflation   “Think about governance; and don’t forget that pricing, at the end of the day, is about people – our customers, our colleagues, and our internal resources of an organization.” – Marina Dias   Topics Co

This is an Impact Pricing Blog published on October 5, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/raise-prices-now/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the Queen of Diamonds from the Selling Value card deck. It's true, buyers are using inherent value or relative value. This is how they think about the decision that they're making. And salespeople's job should be to help buyers make that decision so we should understand what's the decision a buyer is making. What's the information they need at any given point in time? Well, inherent value is the value of solving a problem. Do I need to buy a new car? Do I need to buy a guitar? Do I need to buy a new dishwasher, a new refrigerator? Do I need to buy a pencil, a new software application? This is the inherent value, what's the value of solving the problem? So why might I need a new car? Because I just crashed mine. Or it just broke down. Or it's getting old. Or I just got a job where my image is really important. These are all great reasons why I might need to buy a new car. And these are inherent value. Are we thinking about the way our buyers are thinking through do I need to buy one of these or not

Annie Sarnblad has a Masters in Cultural Anthropology. She is certified in Facial Action Coding and can numerically code the 10,000 muscle combinations in human expression. With this skill, Annie has been helping companies to make informed decisions. Besides her corporate clients, Annie also helps high-profile families with heightened security needs, individuals navigating charged political situations, educators, peace mediators, medical professionals, and others. In this episode, Annie talks about the importance of understanding microexpressions in business. She also discusses some of the most observable expressions that would enable business people to assess the situation properly and make necessary adjustments when needed.   Why you have to check out today’s podcast: Learn about the science behind facial microexpressions Discover how understanding facial microexpressions could help you in your business Acquire knowledge about the most common microexpressions and how to capitalize on them when you are in a

This is an Impact Pricing Blog published on September 28, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/reading-buyers-minds/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the Queen of Clubs from the Selling Value card deck. Customers' perception of value is their reality. This is absolutely true. Think about when you purchase something. You don't have the time or the energy to go out and learn everything there is to possibly know about everything. In fact, if you're like me, you've probably purchased things, and made a mistake, "Oh, this really didn't solve the problem I thought it was going to solve. It really didn't look the way I thought it was going to look or act the way I thought it was going to act." And what that really meant was that before we bought the product, we had this perception of what we thought the product would do, and it didn't live up to that. The 'didn't live up to that' is true reality. This is what it really does. But prior to the purchase, the only thing that mattered was what we believe. And this is true of our customers as well. Prior to them making a purchase decision, all they can do is use what they believe to be true as information t

Kiran Gange is the CEO and Founder of RapidPricer, a company that helps automate pricing and promotions for retailers. He helps companies grow internationally, especially into India. And he was a Senior Strategy Analyst at Fry’s Electronics. In this episode, Kiran educates us on retail and analytics-based pricing as he shares hypotheses and strategies you can practice in pricing your own products.   Why you have to check out today’s podcast: Learn how to price retail products both in B2B and B2C setting Understand why you should increase your price in phases and not shock your customer at once Find out how important analytics-based pricing in, and discover strategies on how you can actually do it in your business   “Look at your past data. Use your intuition to guide the data analysis, but don’t only base your decision on intuition.”  – Kiran Gange   Topics Covered: 01:31 – How Kiran got into pricing 02:36 – Pricing in both the environments of B2B and B2C in retail 05:07 – A hypothesis to test for foot traf

This is an Impact Pricing Blog published on September 21, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-based-prospecting/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the Queen of Hearts from the Selling Value card deck. Buyers who don't believe you understand their problems, won't listen to your solution. Buyers want to trust you as a salesperson, as a company. Buyers want to trust that you understand them because if you don't understand their problems, how is it that you could possibly solve their problems? People are buying products; they're buying solutions to problems. Our best bet is to make sure our buyers, our customers, understand that we know what their problems are. We've seen them before. We've solved them before. This makes buyers comfortable. Well, how can we do that if all we do is show up and pitch our product? How can we do that if all we do is talk about our product? If instead, we spend time listening, learning about what their problems really are, talking about their problems and how we've seen these problems in the past. Then they know that we know their problems, and then they're much more open to hearing our solutions to their problems. W

Karen Chiang is a co-founder and managing partner of Ibbaka, a company that provides software and expertise to enable business growth by optimizing revenue performance through customer value management and talent optimization. In this episode, Karen talks about service-led growth and its advantages over product-led growth in certain situations. She also tells us when and how to utilize it, along with the concept of collaborating with the customer throughout the journey in order to maintain and maximize the value of your product or services.   Why you have to check out today’s podcast: Learn the fundamentals of service-led growth Discover why service-led growth might be more useful to your business than product-led growth Find out how to maintain and maximize value by keeping in touch with your clients   “My piece of advice is for any business to recognize the importance that pricing can play in reaching their growth targets and objectives and making sure that they recognize that pricing has to be rooted in

This is an Impact Pricing Blog published on September 14, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-to-give-salespeople-discount-authority/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the Queen of Spades from the Selling Value card deck. It turns out that when we shop for something, especially if it's something that we've never owned before, we've never purchased before, we are not experts in the product. We're trying to learn as much as we can about what makes sense. What's going to be good for us. Where's the best bang for our buck. We are not experts in the product category. And yet, if it's something that we've bought many, many times, as we become expert, then we stop thinking about what are the benefits I need to achieve and we start thinking about what are the features. Possibly my favorite example of this is imagine buying a computer. I'm guessing you've bought many computers in your life and you understand what many of the features do for you. For example, the size of the hard disc or the size of the RAM. And when you walk into a Best Buy store and you're going to buy a new computer, when the geek says to you, "Yeah, this one does emails and photos really well." You're

Geraldine Carter runs She Thinks Big Coaching where she helps CPAs do less without sacrificing revenue. Although her target market are CPAs, she actually has a bachelor’s degree in civil engineering from Cornell University. She was also a cycling guide for Backroads and now hosts her own podcast called The Business Strategy for CPAs. In this episode, she talks about the structure of pricing in the accounting industry and the reason why most CPAs are underpriced. She then discusses her so-called “effortless value” where accountants could earn more without having to do extra work. Finally, she shares her tips on how accountants could earn more by having expertise and charging their clients more.   Why you have to check out today’s podcast: Learn why you should have a deep expertise instead of being a generalist Acquire techniques on how to increase your value without doing more Discover the reason why charging more is better for you and your clients   “It’s good for your clients to charge them more” – Geraldi

This is an Impact Pricing Blog published on September 7, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-you-should-give-salespeople-discount-authority/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the King of Diamonds from the Selling Value card deck. If a salesperson doesn't believe they're going to win selling your product, they're not going to try to sell your product. They don't want to bang their head against a wall. They're going to go sell whatever happens to be easiest. But the next step is, assuming they can sell our product, how do we get them to sell it and win at the higher prices to stop giving away deep discounts? Well, the question becomes, does a salesperson truly believe your product is worth the price? If a salesperson has confidence that their customer is going to get so much more value than whatever the price is that we're going to charge, then they're much more likely to win at higher prices. If a salesperson questions the amount of value customers might get, if a salesperson doesn't believe deep down in their soul that this product is a great product for their customer, then they're going to tend to discount. They're going to offer discounts and hope that the buyer say

Dor Sasson is the co-founder and CEO of Stigg, a company that helps clients grow with pricing through a software that enables them to control what can be priced and packaged separately, and make adjustments without having to do coding. He has also been a Senior Product Manager at New Relic, a technology company which develops cloud-based software to help website and application owners track the performance of their services. In this episode, Dor shares how his experience in New Relic led him to explore the field of SaaS packaging and how his company, Stigg, aims to provide solutions to packaging problems from the developers’ end.   Why you have to check out today’s podcast: Pickup ideas about the adjustments to be done when switching to usage-based pricing Discover how Stigg could help you on your packaging and pricing problems Learn the importance of asking the right questions in the success of businesses   “Talk to your customers, ask them about their willingness to pay. There are amazing frameworks out t

This is an Impact Pricing Blog published on August 31, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-you-should-not-give-salespeople-discount-authority/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/  

This one is the King of Clubs from the Selling Value card deck. What we really want is for our salespeople to be able to communicate the value of our products to our customers. It turns out that's so much easier to do when our marketing department has figured out and created the materials and the support to help salespeople go do that. But then marketing has to understand how is it that our customers value our products. And this is so much easier to do, if our product people create products that truly have value to our customers so they understand the value that our customers get from our products. It turns out very few people truly understand how much value we get, and if we want our entire company to truly think about value, to be able to communicate value, create value, capture value, the best and easiest way to do that is for the executive team to show interest about value. And what that truly means is that executives should be asking questions, how is it that customers are going to value this new feature